What is Foreclosure in Levittown, Pennsylvania?

Find the right Foreclosure Bankruptcy attorney in Levittown, PA

Foreclosure is a legal procedure in which a mortgage lender recoups some of its losses in the event of default by acquiring possession and/or ownership of the home that secured the loan in the first place in Levittown, Pennsylvania Foreclosure typically requires the house to be sold at an auction. Typically, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.

In every state, including Pennsylvania, there is an option to go through foreclosure by a judicial sale, which is a process in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and lastly to the debtor if anything is left. In various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Levittown, Pennsylvania lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in Pennsylvania?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be forthright with them. It is crucial to remember that the bank does not really want your Levittown house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders usually treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. You might also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Levittown, Pennsylvania Attorney Help?

If you are worried about foreclosure, a good Levittown, Pennsylvania real estate attorney may be able to help. A attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Levittown

Levittown is a well-planned city that is a part of Bucks County in Pennsylvania. It has a population of 52,983 people per the 2010 census. Some know it as the largest suburb in the state.

The city is famous for playing host to the Bucks County St. Patrick's Day Parade. The parade starts from St. Joseph the Worker Church and proceeds two miles to Conwell-Egan Catholic High School. The parade has been an annual tradition of the city since 1988.

Many attorneys call Levittown home and practice law with passion and dedication to providing excellent legal services. These attorneys and their attitude towards the legal field is the reason why residents and local businesses have no issues having their legal matters taken care of.

The city has also been home to many famous people include Earl Williams, Troy Vincent, Steve Slaton, Bill O'Neil, Eric Goldberg, Jim Cawley, Susan Barnett, and Keith Armstrong.

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